MUST WATCH

Story highlights

(CNN)The French Grand Prix, one of the seven races to feature in the inaugural Formula One season in 1950, is set to return to the 2018 calendar after a 10-year absence.

A five-year deal, which will see F1 return to the Paul Ricard circuit, near Marseille in the south of France, was announced by Christian Estrosi, president of the Regional Council of Provence-Alpes-Cote d'Azur, Monday.

Speaking at a press conference in Paris, Estrosi hailed the return as an important driver of "economic development and tourism" to the region, adding that the race will be held "in the summer of 2018."

Estrosi said that an independent audit by consultants, Deloitte had estimated the cost of hosting the race to be €30 million ($32 million), AFP reported.

European races -- widely regarded as the heartland of the sport -- have come under pressure as F1 bosses have expanded the number of races taking place in Asia.

The Austrian Grand Prix returned to the calendar in 2014 after a 10-year absence and the German Grand Prix was also reinstated for the 2016 season, although it has been dropped for 2017.

Monza, home of the Italian Grand Prix, secured its short-term future at the end of November, penning a new three-year deal with F1 supremo Bernie Ecclestone to retain the historic circuit which has hosted more F1 races (66) than any other circuit.